French group Lagardère today confirmed the sale of more than 100 magazines, including British titles Inside Soap and Psychologies, to Cosmopolitan owner Hearst Corporation in a cash deal worth €651m (£560m).

After a month of exclusive talks, the "fully binding offer" includes a master licence agreement for Elle magazine, with Lagardère keeping control of "brand consistency" but allowing Hearst to publish the title and leverage all digital rights.

As part of this licensing agreement, which does not include merchandising, Lagardère will receive an estimated €8m annual royalty payment from Hearst.